MLchartDataset catalogue

Monte Carlo simulation

Term · Oil and gas · MLC-T-OAG-002424

A computational technique that uses random numbers to model the behavior of a system or process, especially when dealing with uncertainty. In reservoir characterization, it involves running numerous simulations with input parameters sampled from probability distributions to generate a range of possible outcomes for reserves, production, or economic metrics. This provides a probabilistic assessment of reservoir performance.

Table 1. Record
IdentifierMLC-T-OAG-002424
FieldOil and gas
SubjectReservoir Characterization
Record as JSON 
{
  "id": "MLC-T-OAG-002424",
  "term": "Monte Carlo simulation",
  "field": "Oil and gas",
  "definition": "A computational technique that uses random numbers to model the behavior of a system or process, especially when dealing with uncertainty. In reservoir characterization, it involves running numerous simulations with input parameters sampled from probability distributions to generate a range of possible outcomes for reserves, production, or economic metrics. This provides a probabilistic assessment of reservoir performance.",
  "subject": "Reservoir Characterization",
  "url": "https://mlchart.com/terminology/oil-and-gas/monte-carlo-simulation/"
}

Record 2,583 of 4,469 in Oil and gas terminology (MLC-0103). Request the full dataset.